Professor John McHale:

On the point about being unloved and Deputy Pearse Doherty’s observation that we have been whingeing a lot about being ignored, it is actually the opposite. We do not feel we are being ignored but feel we are having a significant impact on this debate, partly through the committee too.

There is certainly an argument for more of a stimulus policy at European level, particularly for the countries that have fiscal space. This would be very beneficial to Ireland. The European Central Bank, ECB, is slowly moving in the right direction. Whether it will do more with quantitative easing is still up in the air. We would welcome more stimulus at European level.

One point we emphasise in the report is that there is good news for the economy. The growth momentum is real. There have been dramatic improvements in Irish credit worthiness with bond yields at historic lows, along with strong improvements in the public finances. Naturally, the focus of the report tends to be on the risks which we point out are real. I hope the impression is not created that the council is not aware of the positive trends and progress Ireland has made.